FIF - Regional SME CSP - Erste Bank Serbia



Project number:


Business sector:

Financial institutions

Notice type:


Environmental category:


Approval date:

24 Mar 2021



PSD disclosed:

17 Feb 2021

Project Description

Provision of a long-term senior unsecured loan of up to EUR 5 million to Erste Bank AD Novi Sad (EBS) for on-lending to small and medium enterprises (SMEs) in Serbia. The loan is envisaged under the Regional SME Competitiveness Support Programme ("SME-CSP").

Project Objectives

The loan is envisaged to provide financing for on-lending to local SMEs for investments in environmental protection, workers' safety and product quality and safety in order to introduce and implement EU standards, which will boost local SMEs' competitiveness. At least 60 per cent of the use of the proceeds is expected to be related to Green Economy Transition ("GET") investments.

Transition Impact

ETI score: 60

The project aims at enhancing the competitiveness of SMEs in Serba by: (i) supporting SMEs in accessing finance towards EU standards investments; and (ii) assisting SMEs to access advice and know-how for introducing and implementing EU standards and becoming competitive. 

Client Information


EBS is a dynamic bank focused on operations with retail clients, municipalities, and small and medium-sized enterprises, with an experienced management team and consistently strong performance. The bank has a market share of 6 per cent and is ranked 6th by total assets among 26 banks operating in Serbia. It is a subsidiary of Erste Group, an Austria-based banking group with a 200-year tradition, one of the largest financial services providers in the Central Eastern and South Eastern part of Europe in terms of clients and total assets. EBS is a systematically-important bank in Serbia according to the Central Bank classification.

EBRD Finance Summary

EUR 5,000,000.00

Total Project Cost

EUR 5,000,000.00


Combining the necessary long-term financing with technical support and targeted investment incentives into a package that promotes investments that will improve the competitiveness of SMEs.

Environmental and Social Summary

Categorised FI (ESP 2019). EBS is an existing client and its performance to date for existing exposures has been satisfactory. EBS will be required to continue to comply with  PRs 2, 4 and 9, implement the EBRD's E&S Risk Management Procedures for Corporate, SME and Micro Loans including adherence to the expanded EBRD E&S Exclusion List and Referral List introduced with ESP 2019 and submit annual E&S reports to the Bank. Sub-borrowers financed through EBS's loan will be required to comply with national environmental, health, safety and labour (EHSL) requirements. The overall risk portfolio of the investments foreseen under this facility is low to medium risk, and EBS has appropriate procedures in place to manage such investments.

Technical Cooperation and Grant Financing

The project will be supported by a comprehensive technical assistance to EBS and sub-borrowers to facilitate the project preparation and successful implementation of the Regional SME-CSP Programme. The technical assistance is funded by the European Union

Company Contact Information

Gordana Zivanov
+381 (0)21 489-0621
Milutina Milankovica 3a 11070 Novi Beograd

PSD last updated

17 Feb 2021

Understanding Transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and Compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment.

OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD Enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM  via email to get guidance and more information on IPAM and how to submit a request.


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